Local News
Dragon Deal ‘Not In English’
Energy Minister Dr Roodal Moonilal has raised concerns about a fiscal metering agreement for the Dragon gas project being executed in Spanish.
Economists Divided On Whether T&T In Recession
TT’s economy is exhibiting many of the characteristics associated with a recession, but economists remain divided on whether the country’s current economic difficulties fit the traditional definition of a recession or reflect a deeper structural slump driven by the prolonged decline of the energy sector.
Moonilal, Perenco Meet After Crane Collapse
Energy Minister Dr Roodal Moonilal met with Perenco officials on Saturday following a crane collapse at the company’s Samaan Alpha platform off Galeota earlier in the week that injured one worker.
Don’t Rely On Gas Alone
Trinidad and Tobago must increase its non-energy exports, expand tourism and raise labour force participation to address persistent foreign exchange shortages and fiscal challenges, economist Dr Roger Hosein has said.
Forex Shortage To Continue After Gas Boost, Warns Seerattan
Trinidad and Tobago will continue to face foreign exchange shortages even when new natural gas projects begin contributing to economic activity in 2027, unless the country addresses the structural weaknesses that drive demand for foreign currency, economist Dr Dave Seerattan has warned.
State Sheds ‘ Loss-Making’ Firms
The Government is preparing to issue requests for proposals (RFPs) for the divestment of the Hilton Trinidad, Magdalena Grand Beach and Golf Resort in Tobago and National Quarries Ltd, as Prime Minister Kamla Persad-Bissessar says the State can no longer afford to use taxpayers’ money to sustain loss-making companies.
EY: Economic Transformation Yet To Materialise
While the Kamla Persad-Bissessar led administration has delivered on some of its campaign promises, the economic transformation it pledged has yet to materialise, according to EY’s assessment of the 2027 budget.
VAT Refunds Still A Problem
Manufacturers Say
Delayed value-added tax (VAT) refunds continue to tie up manufacturers’ cash flow, limiting their ability to invest in equipment, expand production and strengthen export capacity, the Trinidad and Tobago Manufacturers’ Association (TTMA) has warned.
Alcohol Sector Welcomes Duty Cut
Government’s decision to reduce excise duties on alcohol by 25 per cent from January 1, 2027, is being welcomed by stakeholders across the alcohol, hospitality and entertainment sectors.
Regional News
Sagicor’s Caribbean Deal Heads To Shareholder Vote
Sagicor Group Jamaica Limited shareholders will vote this month on a reorganisation that would exchange their shares for ownership in a larger Caribbean group, bringing the regional businesses under one holding company with its operational headquarters in Jamaica.
Guyana Seeks Global Markets For Growing Honey Industry
President Dr Irfaan Ali recently said Guyana is seeking international markets for its expanding honey production.
Goods Exports From LAC To Grow By 20% This Year
The Economic Commission for Latin America and the Caribbean (ECLAC) is predicting a significant increase in goods exports for 2026 and highlights the opportunities created by modern services to diversify exports and drive growth and productivity.
Guyana, World Bank Explore Expanded Cooperation In Key Growth Sectors
Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, has held discussions with senior World Bank Group officials on expanding cooperation with Guyana and mobilising private-sector investment in key growth sectors, including agribusiness and hospitality.
Bahamian Judge Calls For Stronger Systems To Combat Financial Crimes
A Supreme Court judge in The Bahamas is calling on the Caribbean financial services sector to urgently and continuously strengthen resilient systems capable of combatting evolving financial crimes and other global threats.
Caricom Teams Studying Cement, Paints And Bottles
Four Caricom assessment teams will examine whether the region can meet its own demand for paints, other hydraulic cement, glass bottles and bitumen, with their findings expected to help determine future tariff treatment for the products.
Seprod Shareholders Approve Stock Split, Share Issuance
Seprod Limited is set to split its shares in the coming weeks, preceding a potential new equity offer to raise fresh capital to reduce its debt balances. All three resolutions at the company’s virtual extraordinary general meeting (EGM) were approved by shareholders on Monday.
PBS Adds Barbados Deal To Regional Expansion
Productive Business Solutions Limited (PBS) has acquired a 70 per cent stake in TSL Barbados, adding another technology business to its regional network just a month after taking full ownership of Trinidad Systems Limited.
JMMB Group Sets 2027 For Credit Cards
JMMB Group Limited (JMMBGL) has set 2027 as the timeline for it to launch its long-touted credit card product, while expanding the depth of its payment solutions for clients across three territories.
International News
US Stock Futures Rebound As Chip Rout Loses Steam
Buyers are driving a rebound in US stocks after last week’s rout in chipmakers, marking an upbeat start to a week in which earnings will put the artificial-intelligence trade to the test once again.
Bitcoin Rebounds Above $82,000 As Oil’s Retreat Lifts Risk Mood
Bitcoin popped back above $82,000 on Monday, rebounding with risk assets as oil prices declined.
Elon Musk Says He Is Going To Give SpaceX Stock Away To Kids
“Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many,” SpaceX founder and CEO Elon Musk said in an X post on Monday.
JPMorgan Announces $5 Billion In Investments In Companies Critical To US National Security
JPMorgan Chase said it has invested $5 billion in equity in industries critical to US economic and national security, as banks seek to capitalize on growing demand for domestic manufacturing, energy infrastructure and supply-chain resilience.
Oil Slips From Five-Month High With Hormuz Transits In Focus
Oil prices slipped on Monday as investors booked profits from the multi-month highs hit at the end of last week, with the focus remaining on the potential for the conflicts in the Middle East and Ukraine to alter the global oil supply-demand balance.
SpaceX’s Spectrum Purchase Exposes Risks For Big Telecom Stocks
Telecom stocks have long been considered a relatively safe bet for investors, offering predictable growth, limited downside and healthy dividends. But a combination of competition from SpaceX and rising Treasury yields is threatening to upend that equation.
TSMC’s Profit Surpasses Expectations After AI Orders Rush In
Taiwan Semiconductor Manufacturing Co. reported a better-than-expected profit for the September quarter, sustaining torrid growth despite rising concern about the long-term AI buildout.
Oil Prices Slide As US Weighs Easing Sanctions On ‘Shadow Fleet’
Oil prices fell by about 2% on Thursday as potential US steps to ease restrictions on Russia’s “shadow fleet” tankers soothed price concerns, but attacks on ships in the Middle East and Ukrainian strikes on Russian energy infrastructure limited the decline.
Stocks Fall As AI Rout Spurs Flight To Bonds
Global equities fell as a selloff in the artificial-intelligence trade gathered speed and pushed investors toward the safety of bonds. S&P 500 futures were down 0.2% while Nasdaq 100 contracts retreated 1.1%.
Reports
US Rate Watch SEPT2026
On September 16, 2026, the Federal Open Market Committee (FOMC) raised the federal funds target range by 25 basis points to 3.75% – 4.00%. This decision was aligned with the Federal Reserve’s dual mandate of achieving maximum employment and price stability.
Sheppard Joins the Eastern Caribbean Securities Exchange as Member Broker-Dealer
Sheppard Investment Services Limited has been admitted as a licensed member Broker-Dealer of the Eastern Caribbean Securities Exchange (ECSE), further strengthening Sheppard’s presence and capabilities within the Eastern Caribbean financial market. Based in Saint Lucia, Sheppard will now operate as one of nine licensed ECSE member Broker-Dealers serving the Eastern Caribbean Securities Market. As an ECSE Member Broker-Dealer, Sheppard is authorised to facilitate the purchase and sale of securities listed on the ECSE, providing clients with greater access to investment opportunities across the Eastern Caribbean Currency Union (ECCU). The admission represents an important step in Sheppard’s continued regional growth and its commitment to expanding access to professional investment services and financial solutions throughout the Caribbean. In announcing the ECSE’s newest members, Stewart Haynes, Chief Executive Officer of the ECSE, welcomed Sheppard to the exchange, noting that the addition of new market intermediaries strengthens the ECSE’s distribution network and supports its goal of creating a more accessible, inclusive and resilient regional capital market. The ECSE plays a central role in the development of the Eastern Caribbean capital market, providing a regulated marketplace through which investors can access securities while businesses and governments can raise capital to support growth and development. For Sheppard, membership in the ECSE creates further opportunities to connect clients with regional investment markets while supporting the continued development of the Caribbean’s financial sector. About Sheppard Investment Services Limited Sheppard Investment Services Limited provides investment and wealth management solutions to clients located in Saint Lucia and the wider Caribbean, supported by the experience and capabilities of the Sheppard Group.
Economic Outlook – AUG 2026
Global growth is expected to remain moderate but uneven across regions in 2026 as geopolitical tensions, elevated uncertainty, and tighter financial conditions weigh on activity. Trade and investment activity are also likely to remain subdued amid continued volatility and uncertainty, with economies benefitting from technology investment and those exposed to energy shocks the most impacted. Inflation is expected to remain above target for longer in many economies as higher energy and commodity prices have stalled the disinflation process. Further to this, renewed U.S.-Iran tensions have increased upside risks to inflation and downside growth risks, although continued investment and a normalization in trade activity could provide some support. We remain attentive to developments that could affect the balance of risks to the outlook.
Earnings Update – AUG 2026
August earnings remained mixed across sectors amid ongoing operational and economic challenges. Among the banking and financials First Citizens Group Financial Holdings (FCGFH) and NCB Financial Group (NCBFG) underperformed relative to their peers, reporting declines in profit for the period. First Citizens’ results were weighed down by rising funding costs, tightening liquidity conditions and the commercial asset levy, despite resilience in its core operations, while NCB’s earnings were impacted by lower gains on foreign currency and investment activities as well as the absence of one-off gains recorded the year prior. ANSA Merchant Bank Limited (AMBL), meanwhile, recorded double digit growth in profit, with pre-tax income rising 32%, driven primarily by growth in the Banking and Wealth Management segment. JMMB Group Limited’s (JMMBGL) earnings were also lifted, having benefitted from an increased share of profit from associates, namely Sagicor Financial Company.
Local Fixed Income Report – July 2026
The fixed income market in H1 2026 was characterized by shifting yield curve dynamics, resilient investor demand, and muted primary market activity. Government, quasi-government and corporate issuance remained concentrated in a relatively small number of transactions, while lower system liquidity contributed to higher yields across the curve year-on-year. Excess reserves declined to TT$4.25 billion from TT$5.33 billion at the start of the year, reflecting tighter liquidity conditions.
Local Equity Report – July 2026
S&P Reaffirms T&T Rating, Outlook Unchanged
In July 2026, S&P Global Ratings reaffirmed Trinidad and Tobago’s BBB-/A-3 sovereign credit ratings while maintaining its negative outlook. The country’s investment-grade status was preserved but the rating agency signalled that credit risks remain elevated.
US Rate Watch – July 2026
On July 29, 2026, the Federal Open Market Committee (FOMC) kept the federal funds rate unchanged at a target range of 3.50% – 3.75%, a decision that was largely anticipated by markets. The move reflected a solid pace of economic activity despite heightened uncertainty, supported by strong productivity growth, capital investment, and a relatively stable labor market.
Portfolio Snapshot – July 2026
Global macroeconomic conditions were uneven in Q2 2026. Growth expectations were moderate, inflation persisted and monetary policy remained relatively restrictive. However, easing geopolitical concerns created a more constructive backdrop, helping to improve market sentiment, even as underlying conditions remained fragile.